Question: On a practical level, our results on long-term performance is that alpha in net returns for investors is negative for most if not all active

On a practical level, our results on long-term performance is that alpha in net returns for investors is negative for most if not all active funds (Fama and French(2010)). Do managed funds add value to investors? Include in your answer an overview on how to evaluate the performance of managed funds. (1500 words count)

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